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Olympics-Parisians get ready to leave city with rental cash in pocket
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PARIS (Reuters) – Like many Parisians, Martin Cassan will be heading the other way when the tidal wave of Olympics visitors hits the French capital in late July, taking the opportunity to make some extra cash by renting out his apartment.
PARIS (Reuters) – Like many Parisians, Martin Cassan will be heading the other way when the tidal wave of Olympics visitors hits the French capital in late July, taking the opportunity to make some extra cash by renting out his apartment.
Tucked just under the beautiful Parc des Buttes-Chaumont, a 30-minute walk from the Parc de la Villette where several delegations will have their team houses during the Games, Cassan’s flat is bathed in light and will be filled with the 37-year-old’s books – and even some food.
In April, his one-bedroom apartment will be rented out for 90 euros a night before prices rise to 330 euros a night during the July 26-Aug. 11 sports extravaganza – by no means a bargain, but still far from the fantasised numbers that circulated last year.
Reuters saw a two-bedroom apartment with a private terrace in the Marais, nearer the city centre, listed for 500 euros a night. It has yet to be rented out, according to its owner.
“There will be a lot of people in Paris, which gets really hot in the summer. Using public transports will be a bit complicated so I prefer to be in a place that’s less crowded and more quiet,” Cassan, an account manager, told Reuters.
Cassan will get around 45% of the nightly fee he will make after deducting accommodation operator Airbnb’s cut, taxes and cleaning costs.
“If it’s rented during the whole period of the Games, it’s more than a month’s salary,” he said.
He is not forgetting the Olympic spirit, however, and may serve as a volunteer during the Aug. 28-Sept. 8 Paralympics.
Airbnb have said Paris 2024 will be “the biggest event in Airbnb’s history, with affordable and convenient accommodation in the cities hosting events but also the surrounding communes, which are usually less touristy,” according to Clement Eulry, director for France and Belgium at Airbnb.
“According to Deloitte, stays on Airbnb should enable hosts to generate additional income for the residents of Ile-de-France and generate more than 1 billion euros in economic impact in France,” he told Reuters.
Paris, however, has strict rules and allows owners to rent their apartment for a maximum 120 days a year.
“It’s hard to control, however. But a law that’s about to pass will make our agents’ task easier and we will be able to crack down on illegal renting in a more efficient fashion,” Paris deputy mayor for housing Jacques Baudrier told Reuters.
“As for the prices, I don’t expect them to be sky-high as the market is going to regulate all this.”
(Reporting by Yiming Woo, Elizabeth Pineau and Julien Pretot; Editing by Hugh Lawson)
Airbnb is an online marketplace that connects people looking to rent out their homes with those looking for accommodations. It allows homeowners to earn rental income by listing their properties for short-term stays.
Rental income is the money earned by property owners from renting out their properties. This income can come from residential or commercial properties and is typically paid on a monthly basis.
The economic impact of events like the Olympics includes increased tourism, job creation, and revenue generation for local businesses. It can also lead to infrastructure improvements and long-term benefits for the host city.
Renting out property during major events can provide homeowners with significant financial benefits, including higher rental rates and increased demand for accommodations, especially in popular locations.
The housing market refers to the supply and demand for residential properties. It encompasses buying, selling, and renting homes and is influenced by various factors including economic conditions, interest rates, and demographic trends.
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